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PFS wants split opinion

The Personal Finance Society is asking its members whether to split the organisation into two faculties one covering personal and the other corporate financial planning.

It organisation believes this may allow it to target services such as seminars and workshops more efficiently.

It has sent out a questionnaire asking members for their views, along with its new code of ethics and conduct and a guide to the PFS and a membership card including the PFS designations.

The society believes the code forms a fundamental part of its strategy to improve the way the industry is seen by raising standards of knowledge and conduct of members.

It feels this will improve perceptions by consumers and the media of financial advisers generally, including the IFA sector.

The code’s key values and principles which the PFS wants to promote include behaving with responsibility and integrity, demonstrating professional competence, professional standards, respecting confidentiality, objectivity in professional judgement, avoiding conflicts of interest and acting ethically, honestly and being trustworthy in all professional relationships.

Since the merger of Sofa and the LIA at the start of this year, the PFS’s designations have been assigned. The current split of the 25,500 members is: Cert PFS – 17,500, Dip PFS – 4,000, APFS – 1,100, FPFS – 200, Ordinary – 2,700.

Public affairs director John Ellis says: “I would commend this code to every member of the society. There is much complaint over the size of the regulatory rulebook and I suppose that people could be forgiven for not becoming exp- erts in that but our own code of practice is only two pages long, and I suggest that every member should read it.”

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